Limetree Bay Terminals LLC (LB Terminals) has appointed Darius Sweet as CEO, according to ArcLight Capital Partners LLC and Freepoint Commodities LLC. ArcLight, through an affiliate, manages and owns an 80% interest in LB Terminals; Freepoint owns a 20% interest in LB Terminals.
LB Terminals recently purchased the assets of Hovensa's St. Croix facility consisting of approximately 32 million barrels of crude oil and petroleum product storage, idled refinery units with total peak processing capacity of 650 thousand barrels per day, a deepwater port with 10 petroleum docks, 1 bulk product dock, six tug boats, and various associated equipment and inventory. LB Terminals has already executed a 10-year lease agreement for 10 million barrels of storage capacity with China Petroleum & Chemical Corp. (Sinopec), as well as a series of other lease agreements.
Sweet brings more than 30 years of energy industry experience in refining, supply, trading, and logistics to his role as CEO. Most recently, he was executive vice president and president of Refining and Supply at Axeon Specialty Products, where he was responsible for overseeing all of Axeon's refining, supply, trading, and transportation functions. Prior to that, he spent 25 years at Hess Corp., where he was most recently senior vice president of refining, terminals, and supply, and oversaw Hess' network of petroleum terminals, supply, trading, and refining interests. He began his career in the oil industry as an engineer with Exxon and later as a supply analyst with Mobil. Sweet holds a Bachelor of Chemical Engineering degree from the Massachusetts Institute of Technology and a Master of Business Administration degree in finance from Columbia University.